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$150k Instant Asset Write Off Scheme

Instant-Asset-Write-Off

In response to the COVID-19 impact on Australian business, the Federal Government have made big changes to the FY 2019/20 Instant Asset Write Off Scheme to encourage businesses to purchase assets with a higher threshold.

It’s always important when considering taking advantage of these schemes, that you check with your Accountant to see if you qualify to participate or access the funding.

What is it?

Under the Instant Asset Write-Off Scheme, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year it is either first used, or installed ready for use.

Eligibility

Annual Turnover

Your business may be eligible if it turnsover less than $500 million annually

Quality & Date of Purchase

The asset can be either new or secondhand, purchased between 7:30pm 2nd April 2020 – 30 June 2020

Installation

The asset must be bought and installed, ready for use in the financial year in which it is being claimed

Increased Threshold

The $150k threshold is the entire cost of a single asset, irrespective of business use or trade-in value

Quantity of Assets to Claim

You can claim as many assets of $150k or under as you like, as long as each asset is eligible

What Portion of the Asset?

You can only claim the business use portion of the asset

DX1000 at the restaurant

This is an incredible opportunity for all our retail butcher shops, restaurants, hotels, supermarkets, catering and hospitality partners across the country, having been directly affected by the health alert.

Start supplying dry aged meat.

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Talk to our team about getting into dry aging with our 100% German-made DRY AGER® Meat Maturing Cabinets.

Contact us today

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